GS European Express

This report details a cautious outlook for European chemicals amid market downturns, updates from the European Financials Conference, and global energy capex trends. It also provides specific rating changes and initiates coverage on Puig Brands.

Key Takeaways

• 1.European chemicals sector outlook downgraded due to faster-than-expected demand destruction and competitive pressure from Chinese exports.
• 2.Financial institutions at the 30th European Financials Conference emphasized regulatory simplification, operational resilience, and capital distribution via dividends and buybacks.
• 3.The Fed is projected to delay further rate cuts until June and December 2027 due to labor market strength and lingering inflation risks.

Table of Contents

• Europe Chemicals: Positioning for Another Downturn; Seven Rating Changes
• Europe Banks: 30th Annual European Financials Conference — Key Takeaways
• Top Projects 2026: AI, Exploration, global shale and the great energy capex wave
• RWE (RWEG.DE): Heading towards vertical integration? The Amprion opportunity
• Puig Brands S.A. (PUIGb.MC): Unlocking women's fragrance whitespace; reinstate at Buy
• Europe Rating Changes
• Europe PT Changes (10% or more)
• Europe EPS Changes (10% or more)
• Other notable research